Methods and systems for systematic recognition of recurring payees and payments

Abstract

Methods and systems for retaining credit card usage through systematic recognition of recurring payments are described. In some embodiments, a method includes receiving user transaction data relating to a payment instrument issued to a user. The user transaction data may include payees and a schedule of payments to the payees. The method may further include identifying recurring payees based on a category of each of the payees. In response to a triggering event requiring an account update of the payment instrument, a report identifying the recurring payees may be generated for the user.

What is claimed is: 
     
       1. A non-transitory computer-readable storage medium comprising a set of instructions that, when executed by one or more processors, cause a machine to:
 categorize payees in a set of user transaction data of a user as a recurring payee or a non-recurring payee of the user based at least in part on:
 a schedule of payments to the payees, and 
 a merchant category code of each of the payees and an amount of a payment by the user to each of the payees as compared to payments made to a same one of the payees by others within a geographic area of the user; 
 
 generate a list of the categorized recurring payees; 
 identify recurring payments associated with the categorized recurring payees; and 
 in response to the user logging onto an organizational website, automatically update the list of the categorized recurring payees and the associated identified recurring payments. 
 
     
     
       2. The non-transitory computer-readable storage medium of  claim 1 , wherein the set of instructions, when executed by the one or more processors, further cause the machine to:
 in response to a triggering event:
 generate, for the user, a report identifying each of the categorized recurring payees; and 
 automatically change payment information relating to the user for each of the categorized recurring payees, 
 wherein the triggering event is a type of triggering event requiring an account update. 
 
 
     
     
       3. The non-transitory computer-readable storage medium of  claim 2 , wherein the set of instructions, when executed by the one or more processors, further cause the machine to:
 issue a replacement payment instrument to the user; 
 request the user to activate the replacement payment instrument; and 
 display, at a user interface, in connection with the activation of the replacement payment instrument, the report identifying the recurring payees. 
 
     
     
       4. The non-transitory computer-readable storage medium of  claim 2 , wherein the payment information includes a payment instrument, wherein the triggering event is one of: a breach of sensitive information relating to the payment instrument, fraudulent activity relating to the payment instrument, an expiration of the payment instrument, an address change of the user, a name change of the user, an account statement generation, an opening of an account, an opening of a new credit card or line of credit, a reactivation of a card, or information received by an issuing or bill paying organization. 
     
     
       5. The non-transitory computer-readable storage medium of  claim 1 , wherein the set of instructions, when executed by the one or more processors, further cause the machine to:
 receive updated user transaction data; 
 detect that one of the categorized recurring payees is no longer a recurring payee based on the updated user transaction data; and 
 after a confirmation period, contact the user to confirm that the one of the categorized recurring payees is no longer the recurring payee. 
 
     
     
       6. The non-transitory computer-readable storage medium of  claim 1 , wherein the user transaction data includes a plurality of the schedule of payments over a period of time, wherein categorizing the payees as the recurring payee or the non-recurring payee is further based on the plurality of the schedule of payments over the period of time. 
     
     
       7. The non-transitory computer-readable storage medium of  claim 6 , wherein the recurring payments are identified based on the plurality of the schedule of payments over the period of time. 
     
     
       8. The non-transitory computer-readable storage medium of  claim 1 , wherein the user transaction data includes one or more account statements, and wherein the payees include at least one of: an account number or a merchant. 
     
     
       9. The non-transitory computer-readable storage medium of  claim 1 , wherein the user transaction data includes merchant identifiers relating to the payees. 
     
     
       10. A system comprising:
 one or more processors; and 
 a computer readable storage medium having instructions stored thereon, which when executed by the one or more processors cause the system to
 categorize payees in a set of user transaction data of a user as a recurring payee or a non-recurring payee of the user based at least in part on:
 a schedule of payments to the payees, and 
 a merchant category code of each of the payees and an amount of a payment by the user to each of the payees as compared to payments made to a same one of the payees by others within a geographic area of the user; 
 
 generate a list of the categorized recurring payees; 
 identify recurring payments associated with the categorized recurring payees; and 
 in response to the user logging onto an organizational website, automatically update the list of the categorized recurring payees and the associated identified recurring payments. 
 
 
     
     
       11. The system of  claim 10 , wherein the instructions, when executed by the one or more processors, further cause the system to:
 in response to a triggering event:
 generate, for the user, a report identifying each of the categorized recurring payees; and 
 automatically change payment information relating to the user for each of the categorized recurring payees, 
 wherein the triggering event is a type of triggering event requiring an account update. 
 
 
     
     
       12. The system of  claim 11 , wherein the instructions, when executed by the one or more processors, further cause the system to:
 issue a replacement payment instrument to the user; 
 request the user to activate the replacement payment instrument; and 
 display, at a user interface, in connection with the activation of the replacement payment instrument, the report identifying the recurring payees. 
 
     
     
       13. The system of  claim 11 , wherein the payment information includes a payment instrument, wherein the triggering event is one of: a breach of sensitive information relating to the payment instrument, fraudulent activity relating to the payment instrument, an expiration of the payment instrument, an address change of the user, a name change of the user, an account statement generation, an opening of an account, an opening of a new credit card or line of credit, a reactivation of a card, or information received by an issuing or bill paying organization. 
     
     
       14. The system of  claim 10 , wherein the instructions, when executed by the one or more processors, further cause the system to:
 receive updated user transaction data; 
 detect that one of the categorized recurring payees is no longer a recurring payee based on the updated user transaction data; and 
 after a confirmation period, contact the user to confirm that the one of the categorized recurring payees is no longer the recurring payee. 
 
     
     
       15. The system of  claim 10 , wherein the user transaction data includes a plurality of the schedule of payments over a period of time, wherein categorizing the payees as the recurring payee or the non-recurring payee is further based on the plurality of the schedule of payments over the period of time. 
     
     
       16. The system of  claim 15 , wherein the recurring payments are identified based on the plurality of the schedule of payments over the period of time. 
     
     
       17. The system of  claim 10 , wherein the user transaction data includes one or more account statements and merchant identifiers relating to the payees, and wherein the payees include at least one of: an account number or a merchant. 
     
     
       18. A method comprising:
 categorizing payees in a set of user transaction data of a user as a recurring payee or a non-recurring payee of the user based at least in part on:
 a schedule of payments to the payees, and 
 a merchant category code of each of the payees and an amount of a payment by the user to each of the payees as compared to payments made to a same one of the payees by others within a geographic area of the user; 
 
 generating a list of the categorized recurring payees; 
 identifying recurring payments associated with the categorized recurring payees; and 
 in response to the user logging onto an organizational website, automatically updating the list of the categorized recurring payees and the associated identified recurring payments. 
 
     
     
       19. The method of  claim 18 , wherein the method further comprises:
 in response to a triggering event:
 generating, for the user, a report identifying each of the categorized recurring payees; and 
 automatically changing payment information relating to the user for each of the categorized recurring payees, 
 wherein the triggering event is a type of triggering event requiring an account update. 
 
 
     
     
       20. The method of  claim 18 , wherein the user transaction data includes a plurality of the schedule of payments over a period of time, wherein categorizing the payees as the recurring payee or the non-recurring payee is further based on the plurality of the schedule of payments over the period of time, wherein the method further comprises:
 receiving updated user transaction data; 
 detecting that one of the categorized recurring payees is no longer a recurring payee based on the updated user transaction data; and 
 after a confirmation period, contacting the user to confirm that the one of the categorized recurring payees is no longer the recurring payee.